By MarketsFarm
WINNIPEG, Aug. 8 (MarketsFarm) – The Canadian dollar was weaker Tuesday morning. Losses in crude oil and disappointing economic data weighed on the currency as activity in the Canadian markets resumed after the August long weekend.
At 9:11 a.m. CDT Tuesday morning the Canadian dollar was at US$0.7412 or US$1=C$1.3492, which compares with Friday’s close of US$0.7488 or US$1=C$1.3355.
Canada’s international trade deficit widened to its highest level in nearly three years, hitting C$3.7 billion in June, according to a report from Statistics Canada. Meanwhile, Chinese customs data showed that both exports and imports for the country were down by more than expected in July, which raised concerns over China’s economic recovery.
The Chinese economic concerns weighed on crude oil as well, with West Texas Intermediate down by 1.33 per cent at US$80.86 per barrel.
The TSX was weaker, losing 102.22 points at 9:11 CDT, trading at 20,133.82 points.
